Puerto Rico’s Rhythmic Ascent: Charting a Course for Global Music Market Dominance
- Hector Rivera
- Aug 8
- 20 min read
Updated: Aug 19
Section 1. Introduction
Have you ever wondered why there are so many Puerto Rican musicians who achieve success with a top ten single and are recognized worldwide? Is this normal? If you are Latino, you know or must have hummed the lyrics of a Puerto Rican song that went viral or was a hit, no matter the genre of music and/or the moment. It is as if the Puerto Rican carries in their blood the artistic vein or the "musical gift." While it is true that different Puerto Rican artists have dominated the "Billboard" charts in recent years, we wonder: how has this phenomenon happened, how can we quantify this information, and how can Puerto Rico invest in harvesting the talent of its people? To understand these premises, we must provide a little context.
We've all heard the infectious rhythms of salsa resonating in pubs and dance clubs around the world, just as reggaeton's dominance on streaming platforms underscores Puerto Rico's undeniable influence on the global soundscape. This broad cultural resonance positions the island as a disproportionate force in shaping global music, giving birth to and evolving genres that resonate across continents. For example, if Puerto Rico is treated as a separate country from the United States, it would rank as the third-largest exporter of the world's top 10 singles in 2023, a testament to its creative power and global cultural presence.[1]
However, this immense cultural prowess often masks a complex economic reality in which the island does not fully capture the financial value that its creative output generates. While cultural influence is demonstrably high, the direct revenue stream back to Puerto Rico from these global hits is not always proportionate. This research article aims to explore the economic impact of the Puerto Rican music industry, analyze the island's current market share, and propose viable strategies for Puerto Rico to maximize its presence in the growing global music and entertainment industry.
A central strength of Puerto Rican music lies in its inherent cultural fusion. Genres such as salsa and reggaeton are not monolithic creations, but dynamic products of diverse influences from Reggae, African, Taino, European, Cuban rhythms, and New York hip-hop. This ability to absorb, adapt, and innovate by mixing disparate sounds, as well as integrating hip-hop into traditional reggae for the creation of reggaeton, or weaving folkloric influences into boogaloo to create salsa, has made these genres universally resonant. This cultural dynamism is a critical element of Puerto Rico's global economic potential, indicating that innovation continues through fusion in key ways for its future sustained impact.
[1] Exploration Weekly - Informe Global de Música IFPI 2024.
Section 2. A Legacy of Sound: Puerto Rican Music's Enduring Global Footprint
Puerto Rico's musical heritage is a vibrant tapestry woven from centuries of cultural exchange and innovation. Its genres tell stories of resilience, identity, and profound artistic evolution, resonating far beyond the island's shores.
The earliest native musical genres, Bomba and Plena, are deeply rooted in Puerto Rico's African heritage. Bomba, an interactive style involving percussionists, singers, and dancers, captures the lively spirit of the island. These traditional forms are not confined to the island; they are celebrated in cultural festivals in the United States, serving as vital links to heritage and subtly influencing modern music. Elements of bomba and plena rhythms can be found in experimental and fusion projects by American and international musicians, demonstrating their enduring influence.
Salsa, one of the most popular Latin American music genres, experienced its rise to fame in the 1960s in New York City, thanks to the efforts of Cuban and Puerto Rican musicians. Puerto Rico's influence was paramount, with elements of plena and bomba being incorporated into modern salsa. Nuyorican musicians, such as Willie Colón, played a pivotal role in transforming the Latin Boogaloo into Salsa by combining traditional Latin beats with popular rock 'n roll and jazz influences from New York. Salsa became the "voice of the streets" in Spanish Harlem, reflecting the struggles and identity of Latino immigrants, and inspiring audiences across the Americas. Its unruly melodies, cultivated by musicians often without formal training, became a powerful cultural representation for a community that felt unrepresented.
Reggaetón, while rooted in Reggae, took its modern form in Puerto Rico, blending elements of hip-hop into more traditional reggae styles. Initially, an "underground" urban sound popular among the island's poorest urban communities, it gained global popularity despite facing criticism for explicit lyrics and suggestive dance styles. Reggaetón serves as a powerful medium for Puerto Rican youth to express their feelings about urban life and social problems like racism, poverty, and crime. A unique aspect of its global success is that it continues to be predominantly rapped or sung in Spanish, breaking language barriers without sacrificing linguistic authenticity.
Iconic Puerto Rican artists have been instrumental in shaping and globalizing these sounds. In Salsa, figures like Willie Colón, Ray Barretto, Héctor Lavoe, and the iconic Tito Puente were central to transforming and popularizing the genre, giving a powerful voice to the Latino community. For Reggaetón, Daddy Yankee is widely credited with being one of the first to use the term, and his popular song "Gasolina" helped propel the genre to a worldwide audience. Don Omar and Ivy Queen, recognized as the "Queen of Reggaeton," also laid crucial groundwork, with Ivy Queen notably representing the voice of women in the genre. Tego Calderón centered blackness and openly addressed racial issues in his music. In the modern era, Bad Bunny has been the most-streamed artist globally for three consecutive years, with 18.5 billion streams on Spotify alone in 2022, underscoring Latin music's global takeover[1]. Other contemporary artists like Ozuna, Nicky Jam, and Myke Towers continue to dominate charts and expand the reach of Latin Trap. The 2017 song "Despacito" by Luis Fonsi and Daddy Yankee achieved international popularity, reaching audiences across different languages. It spent 16 weeks on the Billboard charts and, as of July 2025, is the most viewed music video on YouTube with 8.7 billion views, demonstrating Reggaetón's global presence. This consistent pattern reveals that individual artists are not merely performers but cultural entrepreneurs and innovators who drive genre evolution and international adoption. Investing in artist development and brand building is, therefore, critical for market capture, as individual artists become powerful vectors for cultural export and significant economic impact.
The social and cultural narratives embedded within the music are equally significant. Puerto Rican music serves as a profound cultural bridge, connecting island traditions with American modernity and amplifying the voices of a community that continues to enrich global culture. It reflects the struggles and experiences of Latino immigrants, providing a powerful avenue for youth to express their feelings about urban life and social issues. Artists like Bad Bunny have expanded the perception of Latin music, incorporating themes of social justice, gender expression, and cultural pride into their work, as seen in his album "DeBÍ TiRAR MáS FOToS," which highlights issues like gentrification and cultural erosion. The authenticity of the music and its willingness to address socio-political themes resonate deeply with audiences, not just locally but globally. This provides a powerful differentiator and a source of cultural soft power, suggesting that supporting artists who reflect these realities can enhance the genre's global appeal and maintain its integrity and relevance. Furthermore, the critical role of the diaspora in globalizing Puerto Rican music is evident. The creation and global dissemination of Salsa by "Puerto Ricans living in New York" (Nuyoricans) highlights that the island's musical influence is a transnational phenomenon, with cultural exchange and innovation happening across geographical boundaries. Engaging with and supporting the Puerto Rican diaspora globally is a vital strategy for market expansion, as they act as cultural ambassadors, market connectors, and a continued source of innovation that bridges diverse cultural landscapes.
[1] Culture Spotlight: Reggaeton Music - KID Museum
Section 3. The Economic Symphony: Sizing the Global Latin Music Market
The global music industry is experiencing robust growth, with Latin music playing an increasingly prominent role. The worldwide recorded music industry reached $29.6 billion in total trade revenues3 in 2024, marking the tenth consecutive year of growth, driven largely by the expansion of paid subscription streaming.
Latin America continues to be a powerhouse, posting a remarkable 22.5% increase in recorded music revenues in 2024, its fifteenth consecutive year of growth, once again surpassing the global average3. Brazil led this charge with a 21.7% increase, making it the fastest-growing market among the global top ten, while Mexico climbed into the tenth spot worldwide with a 15.6% revenue boost[1].
In the United States market, Latin music revenue hit an all-time high of $1.4 billion in 2024, marking the third consecutive year surpassing $1 billion[2]. Since 2022, these revenues have had an estimated compound annual growth rate (CAGR) of 12.7%, and by 2028, revenues from Latin music are projected to reach $1.8 billion, making it the fastest-growing regional market in the world. More impressively, as per the Billboard Hot Latin Songs Year-End Chart, since 2015, over 50% of the top Latin songs heard in the United States originate from Puerto Rico.
The dominance of streaming is a defining characteristic of the modern music industry, particularly for Latin music. In the U.S., streaming accounts for over 98% of total Latin music earnings. Paid subscriptions contribute over two-thirds of total streaming revenues and are growing faster than other streaming formats. Ad-supported on-demand streaming, including services like YouTube, Vevo, free Spotify, and social media platforms, accounts for nearly 25% of Latin music's total value in the U.S., a significant share compared to 10% for overall recorded music[1].
In Latin America, streaming accounts for 87.8% of all revenue. Globally, streaming revenues exceeded $20 billion for the first time in 2024, representing 69% of total industry earnings. This overwhelming reliance on digital platforms underscores the digital-first nature of Latin music's global growth, implying that future expansion hinges on mastering the digital landscape and adapting to evolving consumption habits.
Beyond recorded music, live music events are highlighted as the most lucrative and fastest-growing segment in the Latin American traditional music market. Additionally, other revenue streams like performance rights and sync licensing (music in films, advertisements, video games) are also contributing to the overall global revenue picture, showing signs of recovery and expansion.
The continued expansion of paid subscription streaming, robust regional market developments (especially in Latin America), and increased investment in artists are key drivers of global growth. The digital revolution, particularly streaming services like Spotify and Apple Music, has been vital in making Latin music accessible to wider audiences. Social media platforms have played a crucial role in artist discovery and helping artists garner significant followings across demographics, particularly among younger listeners. Artist collaborations have strengthened the visibility of Spanish and Hispanic music artists, leading to the cross-pollination of audiences and the normalization of Spanish lyrics in mainstream music.
The following table provides an overview of the market's financial scale and growth trajectory, highlighting the significant economic landscape of Latin Music, in which Puerto Rican music operates.
[1] RIAA 2024 Year-End US Market Latin Music Revenue Report
[1] IFPI Global Music Report 2025 - https://globalmusicreport.ifpi.org/
[2] Latin America Music Market & Outlook, 2028 - Grand View Research
Section 4. Puerto Rico's Share: A Disproportionate Cultural and Economic Force
Puerto Rico holds a unique and powerful position in the global music landscape. New data from the International Federation of the Phonographic Industry (IFPI) reveals that if Puerto Rico were treated as a separate country from the United States, it would rank as the third-largest exporter of top 10 singles worldwide in 2023, with 45 hits.1 This places it just behind Colombia (46) and the dominant United States (113), and significantly ahead of the UK (29) and South Korea (16). This data underscores Puerto Rico's status as an "extreme musical powerhouse" in the music industry, demonstrating its immense creative output and global cultural influence, even when viewed independently of the larger U.S. market. When compared to its population, Puerto Rico becomes an outlier with 14 Top ten singles exported per 1 million people. This data highlights Puerto Rico's disproportionate influence on the global music scene and cultural power worldwide.
The economic impact of Puerto Rican musical talent on the island itself is perhaps best exemplified by the "Bad Bunny Effect." Global music icon Bad Bunny's highly anticipated "No Me Quiero Ir de Aquí" 30-night concert residency in San Juan is projected to have an economic impact of over $377 million and generate around 3,642 jobs, a forecast considered conservative[1]. This single event is expected to bring approximately 600,000 visitors to the island, roughly twice the usual number during this time of year[2]. This influx has significantly boosted the island's tourism sector, leading to a nearly 70% increase in hotel occupancy for the summer and a 20% increase in September compared to the previous year, with hotels booked out almost six months in advance.7 Flight searches to Puerto Rico also increased by 12%. The residency is expected to contribute significantly to the island's overall economic recovery and expansion. Bad Bunny's deep connection to his homeland is evident; the first nine shows of his residency were exclusively for Puerto Rican residents. His recent album "DeBÍ TiRAR MáS FOToS" notably skips a U.S. tour to focus on Puerto Rico, blending genres and highlighting local issues like gentrification. This demonstrates that major live music events featuring globally recognized Puerto Rican artists are a critical and directly capturable economic component for the island, leading to significant tourism and local economic benefits, distinct from pure recorded music royalties.
The broader tourism sector's growth is intricately linked to this cultural influence. Puerto Rico welcomed over 6.6 million air passengers in 2024, representing an 8% increase from the previous year. Total passenger movements, including cruises, surpassed 13 million.[3] This upward trend continued into 2025, with lodging demand increasing by 20% in January and 7% in March compared to the same months in 2024. The tourism sector's growth has significantly contributed to Puerto Rico's economy, with the lodging industry generating $62.8 million in room tax7 collections by April 2024, an 8% year-over-year increase and more than double the amount collected in 2019. Puerto Rico's burgeoning cultural identity, significantly influenced by artists like Bad Bunny, is fundamentally changing the tourism equation, transforming the island into a cultural experience that resonates with both locals and visitors alike, rather than merely being a travel destination.
A further point of consideration is the persistent absence of comprehensive data directly quantifying what percentage of the overall global Latin music industry revenue, including streaming royalties, licensing, and merchandise from these global hits, flows directly back to Puerto Rico-based entities or artists. The broader Caribbean music industry has historically faced issues such as "low local value-added, shallow industrial infrastructure, weak export capabilities and external control," implying that much of the revenue generated by Caribbean music often accrues to external entities. This suggests that while Puerto Rican artists are generating immense global cultural value, the economic capture from that influence is likely significantly lower than their creative output, due to historical and structural issues. This reinforces the necessity for strategic measures focused on building local industry infrastructure and ensuring fair royalty collection to retain more value on the island.
[1] Municipality of San Juan commissioned Report, performed by Advantage Business Consulting, Inc.
[2] Puerto Rico Tourism Company and Discover Puerto Rico.
[3] U.S. Bureau of Transportation Statistics (BTS)
Section 5. Unlocking Potential: Strategic Pathways for Greater Market Capture
To fully capitalize on its immense cultural influence and translate it into sustained economic capture, Puerto Rico must implement a multi-faceted strategy that addresses existing challenges and leverages global opportunities.
A. Strengthening the Local Ecosystem
A major obstacle to capturing local value lies in existing infrastructure gaps and external control within the music industry. The broader Caribbean music industry has historically faced "long-standing problems" including issues with manufacturing, distribution, marketing, copyright protection, and royalty collections. This has resulted in "low local value-added," "shallow industrial infrastructure," "weak export capabilities," and significant "external control," meaning the profitable business often remains "far away out of Caribbean control." Currently, there are a limited number of direct "Music Production" and "Music Industry" jobs listed on platforms like ZipRecruiter, Indeed, and LinkedIn for Puerto Rico. Most related listings are for retail sales, further emphasizing this infrastructural deficiency within the island itself. This indicates that even if artists achieve global success, the economic benefits of the supporting ecosystem are not being realized locally, underscoring a critical need for targeted development of these supporting industries to generate local jobs and retain wealth. Addressing these core issues through focused investments in local infrastructure (such as recording studios, labels, composers, marketing, and entertainment legal services) is essential for sustainable growth and increased local value capture.
Fostering local talent development and supporting artist entrepreneurship beyond mere self-management is equally critical. Many artists in Puerto Rico are forced into "self-management" due to a "lack of support" and dwindling public funding for the arts. While private shows offer some type of publicity, their audience reach is minimal, making it difficult for emerging artists to gain widespread recognition or financial stability. There is a critical need for a cohesive plan that integrates the arts with other educational subjects and justifies the need for sustained financial backing, rather than relying on inconsistent, ad-hoc funding. This indicates that systemic barriers prevent many artists from flourishing, and the industry isn't fully harnessing its diverse creative capital. Addressing these social and systemic barriers is not just about fairness and social justice, but about unlocking significant untapped economic potential and ensuring a more representative and resilient industry.
With the musical talent that Puerto Rico currently has, they must develop an entire musical ecosystem or “musical city”, similar to what Tennessee has done with Nashville and Country Music. Even though other countries, such as South Korea with K-pop and Jamaica with Reggae, have incentivized their music industry, Nashville is the best-case study and sample that Puerto Rico must follow. It is estimated that the music and entertainment industry in the Nashville region has a staggering $15.6 billion total economic impact[1]. This sector is responsible for creating and supporting over 80,757 jobs in the region and $9.9 billion to the local GDP (2.7% of the state’s total GDP). The influence of Nashville's music scene extends throughout the state of Tennessee. In 2022, tourism in Davidson County, where Nashville is located, generated $9.97 billion in direct visitor spending, much of it driven by music-related attractions and events. This tourism boom significantly contributes to the state's coffers and saves each household an estimated $3,477 in state and local taxes that year.
Puerto Rico should invest in a local music ecosystem encompassing recording studios, independent labels, specialized marketing agencies, entertainment legal services, and artist management companies based on the island. This would address the current "shallow industrial infrastructure" and ensure that more of the value chain remains within Puerto Rico. State-of-the-art recording studios, such as “The Sanctuary” in the Bahamas, would attract recording artists worldwide to the island and would entice collaboration with young Puerto Rican artists.
Puerto Rico can do such much more to attract music-related business and tourism. Currently, the Arts, Entertainment, and Recreation industry only represents 0.3% of its GDP, which can be much more if we follow the sample of Nashville’s Music City.
B. Replicating Concert Residencies
It has been proven that Music and Concert Residencies are extremely profitable for the cities hosting the shows. Las Vegas, Nevada, has perfected this recipe with a variety of shows and concerts available for its tourists. Visiting Las Vegas is synonymous with playing casino games and watching a show. Similar to this perception, Puerto Rico has the opportunity to continue creating a variety of shows to attract tourists. It is well known in the world that Puerto Rico has many talented artists, as proven in previous sections of this article, disproportionate to its population. Learning from this fact and knowing that tourists expect some kind of music-based tourism, Puerto Rico should develop constant music festivals and collaborative music residences that could attract more tourists than we currently have.
Puerto Rico does host festivals such as “El día Nacional de la Salsa”, but these festivals are not recurrent enough to supply the current music demand that exists, and to entice tourists to keep returning to the island. Visiting Puerto Rico should be synonymous with going to a concert, similar to the brand Las Vegas created around shows and concerts.
The current residency of Bad Bunny is a perfect example of a successful recurring concert. If Puerto Rico could replicate this formula, but with different artists and genres, the music industry could become a significant piece of Puerto Rico’s economy – as it should.
C. Leveraging Digital & Global Platforms
Given that streaming accounts for over 90% of Latin music revenue globally and in the U.S., optimizing digital distribution, streaming presence, and targeted marketing strategies is paramount. Artists and labels must master digital service providers (DSPs) like Spotify and Apple Music. This includes strategic efforts in playlist pitching, effective neighboring rights collection, and comprehensive digital marketing support. Social media is crucial for artist discovery and building direct fan communities, enabling emerging artists to showcase their music and leverage their following. The sustained dominance of artists like Bad Bunny and the virality of hits like "Despacito" demonstrate that individual artist branding and viral hits are paramount drivers of global market penetration. Direct-to-fan engagement via social media and leveraging platforms for virality are crucial for artists and the industry to capture global attention, potentially bypassing traditional gatekeepers and democratizing the release process. Strategic investment in digital marketing, social media expertise, and artist branding will yield significant returns.
Encouraging strategic international collaborations and cross-cultural pollination should be a cornerstone of the strategy. The historical success of genres like Salsa and Reggaetón is fundamentally built on cultural hybridization and fusion. Puerto Rican artists frequently collaborate with American pop and hip-hop stars, creating genre-blending hits that bridge cultural divides and expand audiences. This strategy should be actively promoted to continue expanding global reach and appeal.
D. Protecting Intellectual Property and Securing Fair Compensation
Emphasizing the importance of robust copyright and moral rights registration and enforcement is critical. Copyrights serve as legal defense mechanisms for creative works, protecting artists' rights and allowing them to control how their works are used and shared. Registering copyrights in the U.S. Copyright Office (USCO) and moral rights in the Puerto Rico Intellectual Property Registry provides crucial, unequivocal proof of ownership, deters plagiarism, and is necessary for legal disputes. Without official copyright, creators risk losing substantial money from others using their intellectual property for personal gain. This highlights that robust intellectual property protection and enforcement are not just legal formalities but essential economic tools for artists and the industry to capture and retain revenue from their creations. Without effective IP management, the "billions" generated by Caribbean music will continue to bypass Puerto Rico, making strong IP frameworks and enforcement a direct path to increased local market capture and wealth retention.
Advocating for greater transparency in royalty collections for local artists is also vital. The broader Caribbean music industry has faced "long-standing problems" with royalty collections. Concerns about transparency at Performing Rights Organizations (PROs) are not new, making it difficult to assess how accurately lesser-known and independent artists, as well as smaller publishers, are compensated compared to widely popular artists and major publishers. This lack of transparency directly impacts the economic capture by Puerto Rican artists and local entities.
E. Strengthening Music Education in Puerto Rico
Puerto Rico is home to many musicians. Currently in Puerto Rico, there are several music schools, such as Puerto Rico’s Conservatory of Music, Libre de Musica School, and the University of Puerto Rico’s Music program. These programs are so popular that they require auditions and, often, are not enough, as so many talented artists exist in Puerto Rico. Increased government funding for these schools & programs could benefit the island, as many well-known music artists come from here despite limited access to formal music education.
Similar to what is currently done with sports such as baseball and basketball in the island, a bigger emphasis on music must be placed to develop the future Puerto Rican music stars. Specialized music schools should be well-funded, where locals and foreigners interested in our diverse music offering (Salsa, Reggaeton, Bomba & Plena, etc.) can learn the basics of Puerto Rican music in full yearly curricula and/or specialized intensive summer camps. Puerto Rico needs to accept its musical talents and start to better develop their future musicians.
F. Strategic Government & Institutional Support
Developing dedicated music export organizations (MEOs) can significantly enhance Puerto Rico's global market capture. MEOs prioritize cultural development and support for emerging or independent artists, providing financial and material support such as grants for international tours, marketing costs, networking missions, and residencies. They also contribute through valuation and curation (e.g., branded playlists, artist certifications), assessment, and fostering cooperation.
Puerto Rico can learn from successful cultural export strategies implemented by other nations. South Korea's "K-wave," including K-Pop, has become a key export industry and source of influential "soft power". While some argue that the Korean government's economic impact claims are exaggerated, its support, including expanded tax incentives and financial aid, has fostered a business-friendly environment and boosted related sectors like tourism. Colombia's "Orange Economy" policy, which recognizes culture and creativity for both intrinsic value and economic contribution, accounts for 3% of its GDP (similar to Nashville) and generates over 600,000 jobs[1]. Colombia has developed public policies, institutions, and incentives like cash rebates and tax credits, and invests in cultural infrastructure and formalization policies for creative workers.
Jamaica has identified its music sector as a leading emerging sector for its economy, recognizing the need for a developed National System of Innovation (NSI) and policy reform to enhance global competitiveness and integrate with international markets.
These examples demonstrate that proactive government and institutional support, even if imperfect, are crucial for turning cultural influence into sustained economic growth. This includes dedicated policies, funding mechanisms, infrastructure development, and formalization efforts. Puerto Rico currently lacks this coherent national strategy, which limits its ability to maximize returns from its cultural assets. A structured approach is needed to move beyond individual artist success to systemic industry growth. Colombia's focus on formalization, cultural infrastructure, and talent development, and Jamaica's recognition of the need for a developed National System of Innovation, highlight that government support should not just be about promoting artists but building the underlying ecosystem. This includes education, training, and support for businesses within the creative industries to ensure local value retention and job creation, directly addressing the "shallow industrial infrastructure" and "low local value-added" issues identified for the Caribbean.
Puerto Rico needs to develop a Coherent National Cultural Export Strategy, learning from successful models in South Korea, Colombia, and Jamaica. Puerto Rico should establish dedicated music export organizations, economic incentives (30% of the production cost, similar to what is provided to film), and policy frameworks. This strategy must balance economic growth with cultural preservation and equitable development, ensuring that increased market capture benefits the local community and sustains the cultural authenticity that drives its global appeal.
Finally, a successful strategy for Puerto Rico must consciously integrate economic goals with cultural preservation and equitable development. Music export organizations often balance economic impact with cultural development and artistic diversity. Colombia's policy recognizes culture for intrinsic value and economic contribution, while Bad Bunny's residency highlights the tension between tourism growth and gentrification. This implies that increased market capture must benefit the local community and sustain the cultural authenticity that drives its global appeal, ensuring that economic prosperity does not inadvertently undermine the very cultural fabric it seeks to celebrate.
[1] Creative industries market in Colombia - Tradecommissioner.gc.ca
[1] Nashville area Chamber of Commerce – The Research Center – Economic Impact and Contribution of Music Row to the Nashville Music industry - 2020
Section 6. Conclusion
Puerto Rico is at a pivotal moment, armed with a global musical influence that far exceeds its size. The island's rich cultural heritage has given rise to genres such as salsa and reggaeton, which dominate the international charts and streaming platforms. This cultural dominance, however, does not always translate into economic prosperity for Puerto Rico. The time has come to close this gap.
The way forward lies in transforming Puerto Rico into a "Music Sanctuary" for Salsa, Reggaeton, and other Latin genres, just as Nashville has done with "Country" music. By fostering a robust local music ecosystem, complete with state-of-the-art recording studios, independent labels, legal and specialized music marketing services, Puerto Rico can capture a larger share of the global Latin music market, which is projected to reach $1.8 billion by 2028.
To achieve this vision, a multi-pronged strategy is essential:
Invest in Infrastructure: Address the current "shallow industrial infrastructure" by developing world-class facilities that will attract international artists and nurture local talent. This will create high-quality jobs and keep revenue within the island's economy.
Embrace Live Music Tourism: Replicate the success of large-scale concert residencies and create a calendar of music festivals that make Puerto Rico a year-round destination for music lovers. This will solidify the island's brand as a hub for live entertainment, similar to Las Vegas.
Strengthen Education and Talent Development: With a disproportionately high number of talented musicians, Puerto Rico must invest in specialized music education to cultivate the next generation of global stars.
Implement a National Strategy: Develop a coherent national cultural export strategy, learning from successful models in South Korea, Colombia, and Jamaica. This includes offering economic incentives and establishing a music export organization to promote Puerto Rican artists on the world stage.
The government of Puerto Rico has begun to move in the right direction by identifying this potential with the creation of the "thesoundsofpr.com" portal. This website was created by the Puerto Rico Tourism Company, where visitors to the platform are provided with information about Puerto Rican artists of a variety of genres that represent the island, places to visit, and activities related to an immersive musical experience. However, we still have a long way to go. The most important part of our economy will always be the development of our people, the Puerto Ricans who, with great care and eagerness, do not give up their dreams until they achieve them. We are facing a historic opportunity to diversify Puerto Rico's economy by investing in the talents of its people and recognizing that many things unite us, such as the universal language of music. If we take it seriously and develop this industry with all its facets as a holistic, integral part of our culture and understand that we are a global musical power, the benefits of these actions would result in a greater return for the country's economy. Visiting Puerto Rico should be synonymous with beaches, gastronomy, culture, and an immersive musical experience. By embracing its identity as a musical powerhouse and implementing a strategic vision to become a true "Music City," Puerto Rico can leverage its cultural richness to drive economic growth, encourage tourism, and ensure a prosperous future that supports a better quality of life for all Puerto Ricans.
Disclosure
The views in this article are solely the responsibility and the opinions of the author and HI Project Consultants, LLC. Opinions should not be interpreted as reflecting the views of any other company affiliates. All information used in this article is public, published information referenced in each table and/or graph.
About the Author
Hector Rivera, MBA, PMP, ChE, is an economic advisor with over 20 years of experience in economy, finance, M&A, and federal funds. He has worked for “Fortune 500” financial firms in New York City, top consulting firms in Puerto Rico, and Leadership roles in Government Agencies in Puerto Rico, such as COR3 and FOMB. Currently, he is HIPC’s Economist and Director. https://www.linkedin.com/in/hector-rivera-mba-che-pmp-04a28a44/
Ingrid Velázquez, MPM, DI, PMI, is a project manager with over 20 years of experience in the fields of project management, design, and federal funds. Ingrid has been part of Engineering and Construction firms in Puerto Rico, where she has managed over 30 construction projects with and without federal grants. She is currently a director and co-founder of HI Project Consultants, LLC.
